What happens if?
It is so easy for us all to be caught up living for today and hoping tomorrow will take care of its self.
However, for the sake of loved ones we should all set aside some time to consider the impact of becoming seriously ill, incapacitated or dying in an accident.
Yes, it is possible to take out life insurance to cover loss of earnings but what about the business, employees and customers? Insurance will not cover everything, only planning will.
One option is to enable the business to continue by creating a management team which can include:
- Close friend
- Key employees
- Your business coach
But, if the business cannot survive without you then are there things you can do to maximise the business value for you, or your estate.
This could be called your “disaster plan” which couple be lining up a competitor to buy your business. Whatever the plan is you will know in advance that the people involved in the plan are happy.
One thing many people overlook is a lasting power of attorney. This is someone who will act on your behalf if you are alive but unable to make decisions for yourself. Someone you trust can take over until well enough to take control again.